Binance Experience Spike in Withdrawal Over the Last 24 Hours

• Over the last 24 hours, $1.6 billion worth of crypto were withdrawn from Binance.
• The withdrawal was carried out mainly in ETH and ERC-20 tokens.
• The weekly netflow of the exchange stands at $1.9 billion.

As per the details revealed by Nansen, a crypto analytical platform, the largest crypto exchange Binance witnessed over $1.6 billion in withdrawals over the last 24 hours. The withdrawals have been carried out in ETH and ERC-20 tokens.

The seven-day outflow experienced by Binance currently stands at $1.9 billion. The current outflow over the last seven days is even less than what the exchange witnessed during the collapse of the FTX exchange.

The major reason for the spike in outflows can be attributed to the Reuters article published yesterday about US prosecutor’s office looking into charging Binance. Reuters mentioned that Binance will be charged on grounds of money laundering and violation of sanctions.

However, Binance claimed in a tweet that Reuter’s got it all wrong and dismissed it as “rumors.” According to Nansen, the daily withdrawal of Binance hit its highest level since June. The spike in withdrawals is an indication of the FUD and the growing concerns over the safety of funds on the exchange.

Binance also halted USDC withdrawals temporarily as the exchange is conducting a token swap. CZ also stated in a tweet on Tuesday that the exchange has been witnessing an increase in USDC withdrawals. He also added that users could still withdraw other stablecoins and that deposits wouldn’t be affected. As per the data from Nansen, Binance currently holds over $62.6 billion on their publicly provided addresses. The majority of these tokens include BUSD, USDT, BTC, and ETH. BNB also dropped by 5.7% amidst the growing concerns.